Sprint has decided to withdraw from the SpectrumCo joint venture it formed with cable heavyweights Comcast, Cox, Time Warner and others. The JV purchased $2.37 billion worth of spectrum in the AWS spectrum auction last year, and Sprint contributed more than $100 million to the collective. While the official amount is undisclosed, Sprint has a 5 percent stake in the JV and its partners need to reimburse it for the holding.
Sprint spokeswoman Leigh Horner said the carrier has decided to focus on other strategic initiatives with the industry. "The action has been long-planned and does not reflect a change in strategy or focus for Sprint Nextel or its cable partners," Horner affirmed.
The carrier still has a joint venture with its cable partners: Pivot. The recently branded JV aims to equip customers with a quadruple play of television, landline, data and wireless service, while taking advantage of the interplay of the four services.
For more on Sprint's decision:
- read this article from The Kansas City Star